Did S. Korea's Exports Reach a Record High in Q3 Thanks to Semiconductors and Automobiles?
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Synopsis
Discover how South Korea's exports soared to an unprecedented high in Q3, fueled by booming demand for semiconductors and automobiles. This remarkable achievement reflects the nation's resilience amid global trade challenges and highlights the importance of sustained momentum in exports.
Key Takeaways
- South Korea's exports reached a record $185 billion in Q3 2023.
- Robust demand for semiconductors and automobiles were key drivers.
- Exports increased for the fourth consecutive month since June.
- Historic highs were recorded for cosmetics and agro-fisheries shipments.
- The government is negotiating with the US to address tariff issues.
Seoul, Oct 20 (NationPress) South Korea's exports soared to an impressive quarterly record of $185 billion during the July-September timeframe, primarily driven by strong demand for semiconductors and automobiles, as reported by the industry ministry on Monday. The ministry is committed to sustaining this export momentum in the face of trade uncertainties.
For the first nine months of this year, the nation exported goods valued at $519.7 billion, reflecting a 2.2 percent increase compared to the same period last year, according to the Ministry of Trade, Industry and Resources, as cited by Yonhap news agency.
Exports have shown an annual increase for four consecutive months since June, largely due to the strong performance of semiconductors, automobiles, biohealth products, and ships.
Notably, semiconductor exports reached $119.7 billion in the January-September period, with auto exports hitting $54.1 billion, both marking historic highs for this timeframe.
Additionally, shipments of cosmetics and agro-fisheries achieved record highs at $8.5 billion and $9.3 billion, respectively, fueled by the global rise in popularity of Korean culture.
Conversely, exports of petroleum and petrochemical products saw a decline due to falling global oil prices, while shipments of steel and machinery were affected by a 50 percent tariff imposed by the US on imports of steel and related products.
First Vice Industry Minister Moon Shin-hak emphasized that despite the challenging trade landscape, including US tariffs and increasing protectionism, South Korea's exports have grown due to companies' initiatives to diversify their markets and enhance product competitiveness.
The government is actively negotiating with the US to conclude tariff discussions, prioritizing national interests, and will continue to engage with private industries to sustain export momentum in the fourth quarter and enhance the country's industrial competitiveness.
In September, auto exports surged by 16.8 percent year-on-year, propelled by strong demand for eco-friendly vehicles in Europe and Asia.
Earlier today, Yonhap reported that the total value of automobile shipments reached $6.41 billion last month, marking the highest figure recorded for any September, according to data from the Ministry of Trade, Industry and Resources.
Point of View
The recent export achievements of South Korea reflect a combination of strategic market diversification and product innovation. The commitment of both the government and private sectors to address global trade challenges demonstrates a robust approach to enhancing national competitiveness. As the nation navigates these complexities, continued focus on export growth will be crucial for economic stability and advancement.
NationPress
20/10/2025
Frequently Asked Questions
What were South Korea's total exports in Q3?
South Korea's total exports reached a record high of $185 billion in the third quarter.
What sectors contributed to the export growth?
The growth was primarily driven by strong demand for semiconductors and automobiles.
How much did semiconductor exports amount to?
Semiconductor exports amounted to $119.7 billion in the January-September period.
What is the government's stance on maintaining export momentum?
The government is committed to sustaining export momentum through negotiations and support for industries.
How did auto exports perform in September?
Auto exports increased by 16.8 percent year-on-year in September.
